Qu a r terly Re p o r t - juventus.com · The number of Company shares rose from 20,800,358 to 104,001,790. The planned listing will consist in a Global Offering divided into a Public

Qu a rterly Re p o rt .

at 30 September 2001

This document contains a true translation in English of the report in Italian "Relazione trimestraleal 30 settembre 2001".

However, for information about Juventus Football Club S.p.A. reference should be exclusivelymade to the original report in Italian "Relazione trimestrale al 30 settembre 2001".

The Italian version of the "Relazione trimestrale al 30 settembre 2001" shall prevail upon theEnglish version.

This report is avilable on the Internet at www.juventus.com

JUVENTUS FOOTBALL CLUB S.p.A.

REGISTERED OFFICETurin, Corso Galileo Ferraris 32

SHARE CAPI TA LE u ro 10,400,179 - fully paid up

REGISTERED IN T H ETURIN CO M PANIES REGISTERunder n 00470470014 - REA n 394963

1

CAPTAIN

O F F I C E R S

BOARD OF DIRECTORS

C h a i rm a n Vittorio Caissotti di ChiusanoVice Chairm a n R o b e rto BettegaChief Executive Off i c e r Antonio GiraudoD i rector and General Manager Luciano Moggi*D i re c t o r Giancarlo Ceru t t i *D i re c t o r Vi rgilio Marro n e *D i re c t o r Claudio Saracco*

BOARD OF STATUTORY AUDITORSC h a i rm a n G i o rgio Giorg iA u d i t o r A l b e rto Ferre roA u d i t o r Carlo ReDeputy Auditor Paolo PiccattiDeputy Auditor Gianluca Ferre ro *

* Nominated by the Shareholders’ Meeting of 4 September 2001

The mandate of the Board of Directors and the Board of Statutory Auditors will expire with the Shareholders’ Meeting toa p p rove the financial statements as of 30 June 2003.

POWERS OF COMPANY OFFICERS

The Chairman, Vice Chairman and Chief Executive Officer under company by-laws (art. 19) have

the power of attorney to re p resent the Company, in law and on behalf of the company, with the

authority to undertake all measures compliant with company goals, save legal limitations, as

specified in Art. 2384 of the Italian Civil Code.

The Board of Directors voted on 15 December 2000 to confer specific management powers on

the Vice Chairman and the Chief Executive Off i c e r.

The Board of Directors voted on 4 September 2001 to confer on the General Manager specific

responsibility for sport.

INDEPENDENT AUDITORS

The Shareholders’ Meeting of 4 September 2001 appointed PricewaterhouseCoopers S.p.A. as independent

auditors of the financial statements for the three-year period of 2001/2002, 2002/2003 and 2003/2004.

3

5

CO N T E N TS

1 . SIGNIFICANT EV E N TS IN THE FIRST QUA RT E ROF THE 2001/2002 FINANCIAL Y E A R p a g . 6

2 . A N A LYSIS OF RESULTS p a g . 1 0

3 . SIGNIFICANT EV E N TS AFTER30 SEPTEMBER 2001 p a g . 1 1

4 . FUTURE OUTLO O K p a g . 1 1

5 . ACCOUNTING PRINCIPLES p a g . 1 1

6 . B A LANCE SHEET, INCOME STAT E M E N TAND STATEMENT OF CASH FLOW p a g . 1 2

7 . A P PE N D I X :a ) R E C LASSIFIED BALANCE SHEET p a g . 1 9b ) R E C LASSIFIED INCOME STAT E M E N T p a g . 2 0

6 Juventus Football Club Quarterly Report at 30 September 2001

1) SIGNIFICANT EV E N TS IN THE FIRST QUA RT E ROF THE 2001/2002 FINANCIAL Y E A R

2001/2002 TRANSFER CAMPAIGN

F rom the financial point of view, the transfer campaign showed a net investment of 50.9 million

E u ro, determined by purchases for 208.2 million Euro and by disposals for 157.3 million Euro. The

economic effect is positive, thanks to the disposal of the registration rights of some First Te a m

p l a y e r s .

On 27 July 2001, the controlling company IFI guaranteed the payment of the negative balance

stemming from the domestic transfer campaign in the 2001/2002 season by pledging a third -

p a rty guarantee to FIGC - LNP, as envisaged by the sports regulations in force, for a total sum of

a p p roximately 104 million Euro .

As re g a rds the international transfers of footballers that occurred in the last quarter finishing on 30

September 2001, and for which a system of compensation is not envisaged as in the case of

domestic transfers, the disposal of the following player registrations should be noted:

• the footballer Zinedine Zidane to Real Madrid Club de Futbol for a sum of approximately 75

million Euro to be paid in four equal annual payments. The first instalment has already been

received and the remaining ones will be paid by 16 July each year.

• the footballer Edwin Van Der Sar to Fulham Football Club for a total sum of GBP 7 million to be

paid in 3 annual instalments, the first instalment of GBP 2 million has already been re c e i v e d ;

guarantees have been issued for the remaining sums.

SEASON TICKETS

Season tickets for the 2001/2002 season already sold at 30 September 2001 amounted to 35,525

c o m p a red to 33,176 at 30 September 2000 (the total for the 2000/01 season was 35,446).

As of 30 September 2001 the total net revenue from season tickets was 6.5 million Euro .

1 9 9 9 / 2 0 0 0 2 0 0 0 / 2 0 0 1 2 0 0 1 / 2 0 0 2

N° SEASON TICKETS

3 4 , 2 8 4

3 5 , 4 4 63 5 , 5 2 5

7

R E LATIONS WITH SPONSOR CO M PA N I E S

The official sponsor Europa Tv S.p.A. has sub-licensed to Fastweb S.p.A. the sponsorship rights

granted by Juventus for the 2001/2002 football season.

In addition to the agreement with Europa TV S.p.A. as the official sponsor of the Team in the Serie

A Championship, an important sponsorship contract has been signed for the UEFA Champions

League and the Coppa Italia with TU Mobile S.p.A.

For the 2001/2002 season, Lotto Italia S.p.A. will be the Technical Sponsor of Juventus.

On 27 September 2001 the contractual relations between Ciaoweb and Juventus were term i n a t e d

by mutual consent, in particular those concerning the contract as Institutional Sponsor and the

J u v e s t o re virtual shop, for a total sum of 4.1 million Euro .

On the same date, the Company sold to Ciaoholding N.V. 339,560 Ciaoweb S.p.A. shares with a

the nominal value of 1 Euro each, for a total sum of 487,500 Euro .

C A M PI DI V I N OVO

On 13 July 2001 the Company acquired 96.6% of the share capital (99.6 % of the outstanding

capital) of Campi di Vinovo S.p.A. the owner of a vast area of circa 500,000 m2 located in the

municipalities of Vinovo and Nichelino.

The sum agreed was approximately 17.4 million Euro, of which about 6.4 million Euro already paid.

By 5 January 2002 a sum of approximately 2.6 million Euro will be paid. The diff e rence of about

8.4 million Euro will be paid by 1 July 2002, the date by when the necessary measures will have

to have been taken under the responsibility and at the expense of the selling shareholders so that

the facilities, plants and areas owned by Campi di Vinovo S.p.A., be completely freed of any

liens, encumbrances, easements and contracts of an obligatory nature .

The development plan for the area envisages the creation of the Juventus sports centre and

related activities in the fields of entertainment, leisure and commerce, enhanced by the constant

p resence of the Team and characterised by the link with the Juventus brand.

RENT OF THE STADIO DELLE ALPI

The Turin City executive, as decided on 31 July 2001, has assigned the temporary use of the

Stadio delle Alpi to Juventus F.C. S.p.A. and Torino Calcio S.p.A. until 31 December 2001. The

amount envisaged for each of the football clubs is 516,000 Euro, in addition to a sum equal to

25% of the cost expected for maintenance work and for the upgrading to safety standards agre e d

by the parties. If the negotiations currently underway for the acquisition of the Stadio delle Alpi

w e re not to be completed by 31 December 2001, the effectiveness of the contract will be extended

to 30 June 2002 and each of the two sports companies must pay a sum equal to the one set for

the period up to 31 December 2001 in addition to 25% of the value of any work done in the

second six months of the validity of the contract.


DIVIDENDS

The meeting of 4 September 2001 voted, for the third consecutive financial year, the distribution

of a dividend for a total of 1,123,219 Euro, equal to 0.054 Euro for each of the 20,800,358 share s

of the nominal value of 0.50 Euro .

Distribution of the dividend started on 5 September 2001.

S TOCK MARKET LISTING

On 4 September 2001 the Shareholders' Meeting approved the plan to list the Company share s

on the Italian Stock Exchange (MTA) ruled by the Borsa Italiana S.p.A.

In order to facilitate future negotiability on the stock market, it was decided to split the Company's

s h a res, with a ratio of five new shares with a nominal value of 0.10 Euro for every share with a nominal

value of 0.50 E u ro. The number of Company shares rose from 20,800,358 to 104,001,790.

The planned listing will consist in a Global Offering divided into a Public Offering to the general public

in I t a l y, and an Offer re s e rved for professional Italian investors and foreign institutional investors.

The Global Offering will concern existing shares and shares to be issued following a specific

i n c rease in capital, voted by the Meeting up to a maximum of 2,400,179 Euro through the issue

of a maximum number of 20,000,000 of new ord i n a ry shares of the nominal value of 0.10 Euro .

F I FA REGULAT I O N S

In a letter dated 27 June 2001 the F.I.G.C. - LNP issued FIFA circular no. 759 of 31 May 2001

summarising the principles of the agreement of 5 March 2001 between the Euro p e a n

Commission, FIFA and UEFA on the international transfers of football players. On 5 July 2001 FIFA

a p p roved the regulations that put the above-mentioned principles into practice.

The new FIFA regulations, which are not effective for contracts stipulated before 1 September

2001, unless the parties involved agree otherwise, also provides for introduction by the national

Federations of a system of national transfers of football players in observance of the new FIFA

p r i n c i p l e s .

The new system governing international transfers regulates, among other things, the transfer of

1 9 9 8 / 1 9 9 9 1 9 9 9 / 2 0 0 0 2 0 0 0 / 2 0 0 1

5 , 2 2 4

1 , 0 7 4 1 , 0 7 4 1 , 1 2 3

5 , 5 1 15 , 7 7 5

Net income

D i v i d e n d

9

football players under the age of eighteen, the training of young players and provides for payment

of a training compensation to be shared between all clubs offering training to these football

players. An agreement has also been made that sports contracts must last a minimum of 1 year

and a maximum of 5 years. The new system governing international transfers also provides for a

period of stability of sports contracts, from 3 to 2 years depending on the football player's age,

allowing the player to back out of the contract for sporting just cause, to be established on a case-

by-case basis at the end of the football season. The unilateral breach of the contract, at the end

of the period of stability, may only take place at the end of the football season.

With the introduction of the principles of the agreement of 5 March 2001, a stable enviro n m e n t

will be created for the training and education of young players. This will enable the promotion of

new young talents and will ensure that clubs investing in the training and education process are

compensated for the activity perf o rmed. Furt h e rm o re, the new rules will guarantee contractual

s t a b i l i t y, which is very important for the fairness of national and international competitions.

All the contracts completed during the 2001/2002 summer transfer period with pro f e s s i o n a l

football players belonging to the First Team were stipulated by 31 August 2001.

M I S C E L LA N E O U S

As far as the investigation by the Turin Judicial Authority re g a rding the improper use of medicines

by Juventus football players is concerned, there are no further developments with respect to what

was re p o rted in the Annual Report as of 30 June 2001.

Following opposition by the Prosecution, which presented a diff e rent interpretation of the legal

p ro c e d u re on the matter, the judge in charge of pre l i m i n a ry investigations raised a question of the

constitutional legitimacy of the provision indicated by the Prosecution, with the consequent

transmission of the case to the Constitutional Court. At the hearing on 20 Febru a ry 2001, the

p roposed exception was declared to be inadmissible with the argument (a very new one) that the

re p o rt requested was not urg e n t .

C o n s e q u e n t l y, the Prosecution called for the indictment of the CEO and the company doctor, and

the first hearing in the case before the monocratic court is set for 31 January 2002.

As far as the footballer Edgar Davids is concerned, after exceeding the parameters of the metabo-

lites of "nandrolone" as ascertained during the counter-analysis at the CONI Anti-doping

L a b o r a t o ry on the urine samples of the player after the Udinese-Juventus match of 4 March 2001,

the Anti-doping Attorney began a disciplinary pro c e d u re. On 6 September 2001 the Federal

Appeal Commission, the Sports Justice body, suspended Edgar Davids for 4 months starting on

17 May 2001, also applying a fine of 100 million Lire and providing for spot checks as specified in

A rt. 13, section 6, of the Anti-doping Regulations. This suspension has already been completed.

For the same fact, the Procura della Repubblica of Turin, has opened a penal investigation

involving the player.


2) ANALYSIS OF RESULTS

The economic result for the first quarter of 2001/2002 was influenced by the specific distribution

of the economic components over the period and cannot, there f o re, re p resent the basis for

p rojections re f e rring to the whole year; in part i c u l a r, it should be noted that in the period in

question the net income related to the summer transfer campaign was fully re c o rded.

The quarterly re p o rt to 30 September 2001 highlights a profit of 56.8 million Euro net of taxes for

35.9 million Euro, against 4.4 million Euro net of taxes for 2.2 million Euro in the corre s p o n d i n g

period of the previous year.

The economic trend for the period was significantly influenced by the income from the transfer

campaign, closed on 28 September 2001. Furt h e rm o re, the revenue directly related to the

Championship and the UEFA Champions League showed a trend not in line with the first quart e r

of 2000 due to the effect of the diff e rent commitments imposed by the match calendar (it should

be noted that the 2000/2001 Serie A Championship began officially on 1 October 2000).

P roduction value increased by 14.9 million Euro, rising from 21.3 million Euro of the quarter closed

on 30 September 2000 to 36.2 million Euro, with an increase of 70% due mainly to:

• I n c rease in television rights;

• D i ff e rent division of television rights and revenue from games for the Serie A Championship

(begun on 26 August 2001);

• Revenue from telephone rights not present in the first quarter of 2000/2001.

In addition, the production value includes the amount agreed for the termination by mutual con-

sent of relations with the company Ciaoweb.

P roduction costs increased by approximately 61% rising from 40.7 million Euro to 65.4 million

E u ro, with an increase of 24.7 million Euro, mainly due to higher costs related to the pool of

players (salaries, amortisation and insurance costs) and to the percentage of television rights and

gate receipts for the Serie A Championship paid to visiting teams.

The income from the disposal of player registration rights amount to 123.9 million Euro, while the

t e rmination of player sharing costs have generated net financial costs of 2.2 million Euro .

Due to the transfer campaign of summer 2001, player registration costs increased from 116.6

million Euro at 30 June 2001 to 274.2 million Euro at 30 September 2001.

Investments include the acquisition of 99.6% of the outstanding capital of Campi di Vinovo S.p.A.

for 17.4 million Euro .

On 30 September 2001 shareholders' equity was 88.0 million Euro, an increase compared to 30

June 2001, essentially because of the profit for the quart e r, net of the dividend voted for the

financial year 2000/2001.

11

The positive net financial position at 30 September 2001 was of 46.7 million Euro against the 67.6

million Euro at 30 June 2001.

3) SIGNIFICANT EVENTS AFTER30 SEPTEMBER 2001

After the end of the first quarter at 30 September 2001, no events have occurred that might have

a significant effect on the financial and economic position and assets of the Company.

It should be noted, however, that in terms of match results, the First Team has qualified for the

second round of the UEFA Champions League.

It should also be noted that during the Serie A Championship match Bologna-Juventus on 20

October 2001 the football player Marcelo Salas was injured and this will probably prevent him

taking part in the First Team matches for a period estimated at approximately 4/6 months.

The Company has informed the insurance companies Siat S.p.A., To ro Assicurazioni S.p.A. and

Lloyd's of this event in order to obtain the insurance payments related to the footballer's injury.

4) FUTURE OUTLOOK

A positive result is expected for the 2001/2002 financial year, considering the significant income

f rom the disposal of the registration rights of some First Team players.

As is usual, this forecast will depend on the results in the current football season.

5) ACCOUNTING PRINCIPLES

The quarterly re p o rt at 30 September 2001, concerning the first quarter of the current financial

y e a r, has been drawn up in observance of the criteria of evaluation and the accounting principles

adopted are consistent with those adopted for the financial statements for the year closed at 30

June 2001, to which explicit re f e rence is made.

The quarterly results are shown net of applicable taxes, calculated for each tax, applying the

average effective rate expected for the entire year to the pre-tax result for the period, adjusted if

n e c e s s a ry to take into account significant extraord i n a ry items. Pre-paid taxes are re g i s t e red only

if there is reasonable certainty that they can be re c o v e red, in observance of the principles of

p rudence and continuity of evaluation.

The quarterly re p o rt at 30 September 2001 is not subject to auditing.


Values (Euro)

BALANCE SHEETA S S E T S

3 0 / 0 9 / 2 0 0 0 3 0 / 0 9 / 2 0 0 1 3 0 / 0 6 / 2 0 0 1 C h a n g e

B ) FIXED ASSETS

I ) I N TANGIBLE ASSETS:2 , 0 6 0 1 ) Start-up and organization costs - - -

3 ) Royalties for industrial patents and use5 2 5 , 1 9 4 of intellectual property 7 1 5 , 8 9 9 4 5 7 , 9 8 2 2 5 7 , 9 1 7

- 6 ) Fixed assets in progress and advance payments 2 3 , 5 8 1 8 5 , 5 9 6 ( 6 2 , 0 1 5 )1 4 4 , 4 6 6 , 6 7 9 8 ) Costs of players’ registrations 2 7 4 , 1 9 2 , 4 2 3 1 1 6 , 5 5 5 , 2 6 4 1 5 7 , 6 3 7 , 1 5 9

2 , 2 5 9 9 ) Other fixed assets - - -1 4 4 , 9 9 6 , 1 9 2 To t a l 2 7 4 , 9 3 1 , 9 0 3 1 1 7 , 0 9 8 , 8 4 2 1 5 7 , 8 3 3 , 0 6 1

I I ) TANGIBLE FIXED ASSETS:- 1 ) Land and buildings 6 , 8 8 0 , 3 5 6 6 , 9 3 3 , 1 4 6 ( 5 2 , 7 9 0 )

3 6 4 , 6 5 8 2 ) Plants and machinery 2 9 0 , 3 8 4 3 2 2 , 8 8 2 ( 3 2 , 4 9 8 )4 4 4 , 6 4 6 3 ) Industrial and commercial equipment 4 2 7 , 0 9 5 3 8 9 , 5 7 6 3 7 , 5 1 92 8 7 , 4 5 3 4 ) Other assets 4 5 7 , 2 0 6 4 0 0 , 2 5 5 5 6 , 9 5 16 9 7 , 2 1 7 5 ) Fixed assets under construction and advance payments 5 6 8 , 8 6 0 4 7 2 , 1 4 9 9 6 , 7 1 1

1 , 7 9 3 , 9 7 4 To t a l 8 , 6 2 3 , 9 0 1 8 , 5 1 8 , 0 0 8 1 0 5 , 8 9 3

I I I ) I N V E S T M E N T S ,with separate indication, for eachitem, of the amounts collectable withinone year:1 ) S h a r e h o l d i n g s :

- a) controlled companies 1 7 , 3 8 0 , 8 6 6 - 1 7 , 3 8 0 , 8 6 61 4 , 2 4 7 , 7 5 7 c) players’ sharing costs ex Art. 102 bis N.O.I.F. 4 , 4 1 9 , 5 8 2 1 4 , 3 7 6 , 8 7 1 ( 9 , 9 5 7 , 2 8 9 )

4 0 7 , 5 8 7 d) in other companies 2 , 5 8 7 3 4 2 , 1 4 7 ( 3 3 9 , 5 6 0 )2 ) R e c e i v a b l e s :

4 0 , 3 4 3 d) from others 3 5 , 3 1 1 1 , 3 2 8 , 0 5 2 ( 1 , 2 9 2 , 7 4 1 )1 4 , 6 9 5 , 6 8 7 To t a l 2 1 , 8 3 8 , 3 4 6 1 6 , 0 4 7 , 0 7 0 5 , 7 9 1 , 2 7 6

1 6 1 , 4 8 5 , 8 5 3 T O TAL FIXED ASSETS (B) 3 0 5 , 3 9 4 , 1 5 0 1 4 1 , 6 6 3 , 9 2 0 1 6 3 , 7 3 0 , 2 3 0

13

Values (Euro)

BALANCE SHEETA S S E T S

3 0 / 0 9 / 2 0 0 0 3 0 / 0 9 / 2 0 0 1 3 0 / 0 6 / 2 0 0 1 C h a n g e

C ) CURRENT ASSETS

I I ) R E C E I VABLES, with separate indication,for each item, of the amounts collectableafter one year:

5 3 , 3 1 3 , 8 5 8 1 ) Trade receivable 1 4 2 , 6 8 8 , 5 7 4 5 3 , 9 6 7 , 3 4 8 8 8 , 7 2 1 , 2 2 63 6 , 2 7 1 4 ) Due from holding company 4 6 5 7 4 4 ( 2 7 9 )

1 3 , 4 1 1 , 9 7 2 5 ) Due from others 9 , 9 4 2 , 6 7 7 1 0 , 5 0 3 , 5 8 6 ( 5 6 0 , 9 0 9 )6 6 , 7 6 2 , 1 0 1 To t a l 1 5 2 , 6 3 1 , 7 1 6 6 4 , 4 7 1 , 6 7 8 8 8 , 1 6 0 , 0 3 8

I I I ) CURRENT FINANCIALA S S E T S

5 3 , 1 9 8 , 3 4 3 6 ) Other securities 2 , 2 9 9 , 1 4 7 2 . 6 3 6 . 9 1 9 ( 3 3 7 , 7 7 2 )5 3 , 1 9 8 , 3 4 3 To t a l 2 , 2 9 9 , 1 4 7 2 , 6 3 6 , 9 1 9 ( 3 3 7 , 7 7 2 )

I V ) CASH AT BANK AND IN HAND:1 5 , 2 6 8 , 1 6 6 1 ) Bank and post-office deposits 4 4 , 4 0 9 , 7 1 5 6 4 , 9 0 8 , 2 1 9 ( 2 0 , 4 9 8 , 5 0 4 )

7 , 2 2 8 3 ) Cash at bank and in hand 9 , 9 3 3 9 , 4 5 3 4 8 01 5 , 2 7 5 , 3 9 4 To t a l 4 4 , 4 1 9 , 6 4 8 6 4 , 9 1 7 , 6 7 2 ( 2 0 . , 4 9 8 , 0 2 4 )

1 3 5 , 2 3 5 , 8 3 8 T O TAL CURRENT ASSETS (C) 1 9 9 , 3 5 0 , 5 1 1 1 3 2 , 0 2 6 , 2 6 9 6 7 , 3 2 4 , 2 4 2

1 0 , 0 9 8 , 6 9 9 D ) ACCRUED INCOME AND PREPAID EXPENSES 1 7 , 2 2 3 , 7 9 8 2 , 1 0 1 , 5 6 9 1 5 , 1 2 2 , 2 2 9

3 0 6 , 8 2 0 , 3 9 0 T O TAL ASSETS 5 2 1 , 9 6 8 , 4 5 9 2 7 5 , 7 9 1 , 7 5 8 2 4 6 , 1 7 6 , 7 0 1


Values (Euro)

BALANCE SHEETL I A B I L I T I E S

3 0 / 0 9 / 2 0 0 0 3 0 / 0 9 / 2 0 0 1 3 0 / 0 6 / 2 0 0 1 C h a n g e

A ) SHAREHOLDERS’ EQUITY1 0 , 7 4 2 , 4 8 9 I ) SHARE CAPITA L 1 0 , 4 0 0 , 1 7 9 1 0 , 4 0 0 , 1 7 9 -

7 2 9 , 5 1 8 I V ) LEGAL RESERVE 1 , 6 3 6 , 1 1 2 1 , 3 4 7 , 3 8 1 2 8 8 , 7 3 1- V I I ) OTHER RESERVES 4 3 3 , 0 9 7 - 4 3 3 , 0 9 7

1 6 , 8 3 8 , 6 1 8 V I I I ) R E TAINED PROFITS 1 8 , 7 2 2 , 9 2 4 1 4 , 9 3 7 , 7 1 1 3 , 7 8 5 , 2 1 34 , 4 0 5 , 7 7 4 I X ) NET INCOME 5 6 , 8 2 5 , 6 6 5 5 , 7 7 4 , 6 2 7 5 1 , 0 5 1 , 0 3 8

3 2 , 7 1 6 , 3 9 9 T O TAL SHAREHOLDERS’ EQUITY (A) 8 8 , 0 1 7 , 9 7 7 3 2 , 4 5 9 , 8 9 8 5 5 , 5 5 8 , 0 7 9

B ) PROVISIONS FOR LIABILITIES AND EXPENSES3 , 3 5 3 , 2 4 1 2 ) TA X E S 3 0 0 , 0 0 0 3 0 0 , 0 0 0 -3 , 7 0 3 , 1 0 5 3 ) O T H E R S 9 , 4 0 0 , 4 6 1 4 , 1 0 9 , 8 9 1 5 , 2 9 0 , 5 7 0

7 , 0 5 6 , 3 4 6 T O TAL PROVISIONS FOR LIABILITIES AND EXPENSES (B) 9 , 7 0 0 , 4 6 1 4 , 4 0 9 , 8 9 1 5 , 2 9 0 , 5 7 0

C ) EMPLOYEES’ SEVERANCE1 , 1 6 7 , 1 0 0 I N D E M N I T Y 1 , 4 9 6 , 4 8 8 1 , 4 1 5 , 6 5 2 8 0 , 8 3 6

D ) PAYABLES, with separate indication,for each item, of the amountscollectable afterone year:

- 5) ADVANCE PAYMENTS 29,810 - 29,8109 , 9 4 8 , 6 2 5 6) TRADE PAYABLES 10,936,656 4,711,110 6,225,546

- 10) DUE TO HOLDING COMPANIES - 47,780 (47,780)1 5 , 2 4 5 , 5 9 6 11) TAXES PAYA B L E S 51,639,579 9,750,493 41,889,086

12) DUE TO SOCIAL SECURITY1 4 7 , 4 7 8 BODIES 297,651 355,589 (57,938)

8 , 2 3 1 , 0 4 0 13) OTHER PAYABLES 34,025,849 18,296,178 15,729,6718 , 2 1 1 , 6 6 5 14) DUE FOR PLAYERS’ SHARING COSTS

EX ART. 102 BIS N.O.I.F. 5,371,152 7,695,208 (2,324,056)7 7 , 8 8 7 , 7 6 2 16) DUE TO SPECIFIC SECTOR 1 7 4 , 6 4 8 , 0 3 9 5 7 , 4 6 6 , 7 0 2 1 1 7 , 1 8 1 , 3 3 7

1 1 9 , 6 7 2 , 1 6 6 T O TAL PAYABLES (D) 2 7 6 , 9 4 8 , 7 3 6 9 8 , 3 2 3 , 0 6 0 1 7 8 , 6 2 5 , 6 7 6

E ) ACCRUED LIABILITIES,AND DEFERRED

1 4 6 , 2 0 8 , 3 7 9 I N C O M E 1 4 5 , 8 0 4 , 7 9 7 1 3 9 , 1 8 3 , 2 5 7 6 , 6 2 1 , 5 4 0

3 0 6 , 8 2 0 , 3 9 0 T O TAL LIABILITIES 5 2 1 , 9 6 8 , 4 5 9 2 7 5 , 7 9 1 , 7 5 8 2 4 6 , 1 7 6 , 7 0 1

15

Values (Euro)

BALANCE SHEET

MEMORANDUM ACCOUNTS 3 0 / 0 9 / 2 0 0 1 3 0 / 0 6 / 2 0 0 1 C h a n g e

THIRD PARTY GUARANTEES IN FAVOUR OF THIRDPARTIES - Risks for guarantees granted 1 3 0 , 4 2 9 , 2 4 3 4 1 , 3 4 4 , 2 8 6 8 9 , 0 8 4 , 9 5 7

THIRD PARTY GUARANTEES IN OUR FAV O U RRisks for guarantees received from third parties 5 6 , 8 5 4 , 0 7 1 1 7 , 9 6 3 , 8 1 7 3 8 , 8 9 0 , 2 5 4

F O R WARD AGREEMENTS - RECEIVA B L E S 2 7 9 , 6 8 4 3 , 4 1 3 , 8 5 1 ( 3 , 1 3 4 , 1 6 7 )

F O R WARD AGREEMENTS - PAYA B L E S 7 , 2 4 8 , 5 2 6 1 3 , 8 4 1 , 8 9 2 ( 6 , 5 9 3 , 3 6 6 )

COMMITMENTS FOR PURCHASE OF PLAY E R S ’R E G I S T R ATION - Transfer of players 2001/02 - 4 7 , 6 5 6 , 0 6 0 ( 4 7 , 6 5 6 , 0 6 0 )

COMMITMENTS FOR DISPOSAL OF PLAY E R S ’R E G I S T R ATION - Transfer of players 2001/02 - 3 , 5 2 2 , 2 3 6 ( 3,522,236)

COMMITMENT FOR PURCHASE OF PROPERTY - - -

THIRD PARTY ASSETS HELD BY THE COMPA N Y 4 0 , 3 3 4 4 0 , 3 2 4 1 0

C O M PANY ASSETS HELD BY THIRD PA R T I E S 1 , 2 4 7 , 5 2 1 3 3 9 , 5 6 0 9 0 7 , 9 6 1

COMMITMENTS FOR PURCHASE OF SHAREHOLDING - 1 7 , 3 5 6 , 5 6 7 ( 1 7 , 3 5 6 , 5 6 7 )

T O TAL MEMORANDUM ACCOUNTS 1 9 6 , 0 9 9 , 3 7 9 1 4 5 , 4 7 8 , 5 9 3 5 0 , 6 2 0 , 7 8 6


INCOME STATEMENT

Values (Euro)

0 1 / 0 7 / 2 0 0 0 0 1 / 0 7 / 2 0 0 1 0 1 / 0 7 / 2 0 0 0 C h a n g e3 0 / 0 6 / 2 0 0 1 3 0 / 0 9 / 2 0 0 1 3 0 / 0 9 / 2 0 0 0

A ) PRODUCTION VA L U E

1 2 , 8 3 5 , 0 9 8 1 ) REVENUES FROM SALES AND SERVICES 3 , 2 2 3 , 1 0 5 1 , 8 8 7 , 8 8 9 1 , 3 3 5 , 2 1 65 ) OTHER REVENUES AND INCOME

2 , 0 0 2 , 9 9 3 a) Income from temporary transfer of players 6 8 , 8 9 5 2 4 3 , 9 5 8 ( 1 7 5 , 0 6 3 )- b) Contributions from F.I.G.C. - LNP - - -

1 4 2 , 5 2 5 , 6 1 6 d) Sponsorship and other revenues 2 7 , 8 6 7 , 5 7 9 1 7 , 5 2 9 , 2 1 6 1 0 , 3 3 8 , 3 6 31 6 , 0 5 9 , 8 0 5 e) Other revenues and income 5 , 0 4 0 , 5 4 2 1 , 5 9 2 , 9 8 9 3 , 4 4 7 , 5 5 3

1 7 3 , 4 2 3 , 5 1 2 TOTAL PRODUCTION VALUE (A) 3 6 , 2 0 0 , 1 2 1 2 1 , 2 5 4 , 0 5 2 1 4 , 9 4 6 , 0 6 9

B ) PRODUCTION COSTS

1 , 9 9 6 , 8 7 3 6 ) P U R C H A S E S 4 2 2 , 3 3 6 4 9 1 , 9 0 8 ( 6 9 , 5 7 2 )2 5 , 6 7 7 , 2 6 2 7 ) SERVICE EXPENSES 7 , 2 6 9 , 1 0 0 5 , 3 5 6 , 7 0 2 1 , 9 1 2 , 3 9 82 , 5 1 6 , 6 6 0 8 ) LEASE AND RENT COSTS 8 0 8 , 3 9 1 5 2 5 , 9 4 1 2 8 2 , 4 5 0

9 ) PERSONNEL EXPENSES9 8 , 6 6 1 , 7 6 1 a) Salaries and wages 3 0 , 0 5 4 , 6 7 5 2 1 , 9 8 6 , 0 6 1 8 , 0 6 8 , 6 1 41 , 7 2 7 , 7 2 5 b) Social security contributions 4 4 1 , 9 5 5 3 4 2 , 1 2 0 9 9 , 8 3 5

3 7 9 , 3 6 6 c) Severance indemnity 8 4 , 2 3 9 5 8 , 7 0 8 2 5 , 5 3 11 7 9 , 3 8 7 e) Other costs - 9 , 2 8 0 ( 9 , 2 8 0 )

1 0 ) A M O R T I S ATION AND DEPRECIAT I O Na) Amortisation of intangible

3 7 , 2 4 7 , 1 8 9 fixed assets 1 7 , 2 5 4 , 2 5 0 9 , 6 9 3 , 9 9 6 7 , 5 6 0 , 2 5 4b) Depreciation of tangible

4 5 4 , 8 4 0 fixed assets 1 4 3 , 0 6 8 8 3 , 4 3 2 5 9 , 6 3 6d) Write-downs of receivables entered under

4 , 4 6 3 , 9 8 6 current assets and cash at bank and in hand 2 9 5 , 6 6 8 6 4 , 5 5 7 2 3 1 , 1 1 11 2 ) ACCRUALS FOR RISKS

1 , 7 8 1 , 4 4 5 Other risks 5 , 2 9 0 , 5 7 0 1 , 3 6 9 , 7 5 2 3 , 9 2 0 , 8 1 81 4 ) OTHER OPERATING EXPENSES

4 0 1 , 8 0 8 a) Match organisation expenses 4 4 , 5 3 5 5 2 , 1 9 2 ( 7 , 6 5 7 )1 0 3 , 7 6 9 b) Official match expenses 1 6 , 2 4 8 1 4 , 2 9 3 1 , 9 5 5

4 , 2 6 1 c) Match registration fees 4 , 1 3 2 5 , 1 6 5 ( 1 , 0 3 3 )1 5 , 2 9 7 , 7 5 4 d) Others 3 , 3 0 9 , 7 3 4 6 7 0 , 6 7 9 2 , 6 3 9 , 0 5 5

1 9 0 , 8 9 4 , 0 8 6 T O TAL PRODUCTION COSTS (B) 6 5 , 4 3 8 , 9 0 1 4 0 , 7 2 4 , 7 8 6 2 4 , 7 1 4 , 1 1 5

DIFFERENCE BETWEEN PRODUCTION( 1 7 , 4 7 0 , 5 7 4 ) VALUE AND COSTS (A-B) ( 2 9 , 2 3 8 , 7 8 0 ) ( 1 9 , 4 7 0 , 7 3 4 ) ( 9 , 7 6 8 , 0 4 6 )

C ) FINANCIAL INCOME AND EXPENSES

15) INCOME FROM SHAREHOLDINGS- d) O t h e r s 1 4 7 , 9 4 0 - 1 4 7 , 9 4 0

16) OTHER FINANCIAL INCOMEa) from receivables entered under fixed assets,

with separate indication of those fromcontrolled and subsidiary companies and

1 , 2 4 1 those from holding companies - - -

17

Values (Euro)

INCOME STATEMENT

0 1 / 0 7 / 2 0 0 0 0 1 / 0 7 / 2 0 0 1 0 1 / 0 7 / 2 0 0 0 C h a n g e3 0 / 0 6 / 2 0 0 1 3 0 / 0 9 / 2 0 0 1 3 0 / 0 9 / 2 0 0 0

2 3 7 , 5 0 7 c) from securities entered under current assets 5 , 1 4 0 - 5 , 1 4 0d) other income, with separate indication of those

from controlled and subsidiary companies10,401,417 and those from holding companies 2 , 6 5 8 , 0 0 7 8 , 9 7 8 , 7 9 0 ( 6 , 3 2 0 , 7 8 3 )

1 7 )INTEREST AND OTHER FINANCIAL EXPENSESwith separate indication of those due tocontrolled and subsidiary companies and

( 8 5 9 , 7 5 5 ) those due to holding companies ( 4 , 5 2 1 , 2 1 0 ) ( 5 0 4 , 8 7 4 ) ( 4 , 0 1 6 , 3 3 6 )

T O TAL FINANCIAL INCOME9 , 7 8 0 , 4 1 0 AND EXPENSES (16-17) ( 1 , 7 1 0 , 1 2 3 ) 8 , 4 7 3 , 9 1 6 ( 1 0 , 1 8 4 , 0 3 9 )

D ) VA L U ATION ADJUSTMENTS TOFINANCIAL ASSETS

1 9 )W R I T E - D O W N S( 1 4 7 , 9 4 0 ) a) of shareholdings - - -( 3 7 1 , 0 2 2 ) c) of securities entered under current assets ( 3 3 7 , 7 7 2 ) - ( 3 3 7 , 7 7 2 )

T O TAL VA L U ATION ADJUSTMENTS( 5 1 8 , 9 6 2 ) TO FINANCIAL ASSETS ( 3 3 7 , 7 7 2 ) - ( 337,772)

E ) E X T R A O R D I N A RY INCOME AND EXPENSES

20) INCOME with separate indication of capitalgains on disposals generating revenuewhich cannot be entered under item 5

2 0 , 4 6 8 , 2 4 7 a) capital gains on disposals 1 2 3 , 8 9 0 , 5 5 2 1 8 , 9 4 7 , 6 8 7 1 0 4 , 9 4 2 , 8 6 55 5 1 , 1 0 6 b) use of reserve art. 21 of the Company By-laws 1 4 4 , 3 6 6 - 1 4 4 , 3 6 6

- c) pre-paid taxes - - -

21) EXPENSES, with separate indication of capitallosses on disposals the effects of which cannotbe entered under item 14, and on taxes fromprevious years

( 2 , 0 5 5 , 0 3 1 ) a) capital losses on disposals ( 1 6 , 9 3 2 ) ( 1 , 3 0 0 , 5 2 8 ) 1 , 2 8 3 , 5 9 6- c) other extraordinary costs ( 1 1 , 1 0 4 ) - ( 1 1 , 1 0 4 )

T O TAL EXTRAORDINARY INCOME1 8 , 9 6 4 , 3 2 2 AND EXPENSES (20-21) 1 2 4 , 0 0 6 , 8 8 2 1 7 , 6 4 7 , 1 5 9 1 0 6 , 3 5 9 , 7 2 3

1 0 , 7 5 5 , 1 9 6 PROFIT BEFORE INCOME TAXES (A-B+C+D+E) 9 2 , 7 2 0 , 2 0 7 6 , 6 5 0 , 3 4 1 8 6 , 0 6 9 , 8 6 6

22) INCOME TA X E S :( 8 , 0 9 9 , 5 2 0 ) a) Current taxes ( 3 5 , 1 4 5 , 5 4 2 ) ( 1 , 8 9 9 , 7 5 4 ) ( 3 3 , 2 4 5 , 7 8 8 )

3 , 1 1 8 , 9 5 1 b) Deferred taxes ( 7 4 9 , 0 0 0 ) ( 3 4 4 , 8 1 3 ) ( 4 0 4 , 1 8 7 )

( 4 , 9 8 0 , 5 6 9 ) T O TAL INCOME TA X E S ( 3 5 , 8 9 4 , 5 4 2 ) ( 2 , 2 4 4 , 5 6 7 ) ( 3 3 , 6 4 9 , 9 7 5 )

5 , 7 7 4 , 6 2 7 26) NET INCOME 5 6 , 8 2 5 , 6 6 5 4 , 4 0 5 , 7 7 4 5 2 , 4 1 9 , 8 9 1


figures in thousands of Euro

STATEMENT OF CASH FLOW

Year to Quarter to30 June 2001 30 September 2001

( u n a u d i t e d )

NET FINANCIAL POSITION AT THE BEGINNING OF THE PERIOD 9 5 , 0 1 2 6 7 , 5 5 5

O P E R ATING ACTIVITIES :Net income 5 , 7 7 5 5 6 , 8 2 6Amortisation of players’ registration rights 3 7 , 0 2 8 1 7 , 1 7 1Other amortisation 6 7 4 2 2 6(Increase)/Decrease of receivables from football clubs ( 5 , 7 9 8 ) ( 8 4 , 5 9 0 )Increase/(Decrease) of payables to football clubs ( 6 , 7 3 0 ) 1 1 6 , 1 3 6(Increase)/Decrease of other operating receivables 3 , 0 9 7 ( 1 8 , 6 9 2 )Increase/(Decrease) of other operating payables 9 , 2 9 8 6 9 , 1 1 2Increase/(Decrease) of employees’ severance indemnity and other funds ( 9 7 0 ) 5 , 3 7 0

CASH FLOW GENERAT E D / ( A B S O R B E D )BY OPERATING ACTIVITIES 4 2 , 3 7 4 1 6 1 , 5 5 9

INVESTMENT ACTIVITIES :Acquisition of players’ registration rights ( 7 0 , 3 7 2 ) ( 2 0 8 , 2 3 2 )Net disposal of players’ registration rights 1 5 , 8 5 7 3 3 , 4 2 4Other net (investments)/disposals ( 1 3 , 6 9 0 ) ( 6 , 3 1 9 )

CASH FLOW GENERAT E D / ( A B S O R B E D )BY INVESTMENT ACTIVITY ( 6 8 , 2 0 5 ) ( 1 8 1 , 1 2 7 )

DIVIDENDS PA I D ( 1 , 0 7 4 ) ( 1 , 1 2 3 )

OTHER VA R I ATIONS IN NET ASSETS ( 5 5 2 ) ( 1 4 5 )

NET FINANCIAL POSITION AT THE END OF THE PERIOD 6 7 , 5 5 5 4 6 , 7 1 9

19


7) APPENDICES:a) RECLASSIFIED BALANCE SHEET

Year to Quarter to30 June 2001 30 September 2001

( u n a u d i t e d )

- Gross costs of players’ registration rights 2 2 0 , 9 4 1 3 6 2 , 9 3 3- Amortisation fund for players’ registration rights ( 1 0 4 , 3 8 6 ) ( 8 8 , 7 4 1 )Net players’ registration rights 1 1 6 , 5 5 5 2 7 4 , 1 9 2Other net intangible assets 5 4 4 7 4 0Net tangible assets 8 , 5 1 8 8 , 6 2 4Net investments 1 6 , 0 4 7 2 1 , 8 3 8

NET FIXED ASSETS 1 4 1 , 6 6 4 3 0 5 , 3 9 4- Net receivables from football clubs 4 2 , 8 7 9 1 2 7 , 4 6 9- Payables to football clubs ( 5 7 , 9 9 2 ) ( 1 7 4 , 1 2 8 )Net credit/(debit) position to football clubs ( 1 5 . 1 1 3 ) ( 4 6 , 6 5 9 )Other operating receivables 2 3 , 6 9 4 4 2 , 3 8 6Other operating payables ( 1 7 9 , 5 1 4 ) ( 2 4 8 , 6 2 6 )

NET WORKING CAPITA L ( 1 7 0 , 9 3 3 ) ( 2 5 2 , 8 9 9 )

EMPLOYEES’ SEVERANCE INDEMNITY AND OTHER FUNDS ( 5 , 8 2 6 ) ( 1 1 , 1 9 6 )

NET INVESTED CAPITA L ( 3 5 , 0 9 5 ) 4 1 , 2 9 9

SHAREHOLDERS’ EQUITY 3 2 , 4 6 0 8 8 , 0 1 8

NET FINANCIAL POSITION ( 6 7 , 5 5 5 ) ( 4 6 , 7 1 9 )

T O TAL NET SHAREHOLDERS’ EQUITYAND NET FINANCIAL POSITION ( 3 5 , 0 9 5 ) 4 1 , 2 9 9

MEMORANDUM ACCOUNTS :Third-party assets held by the Company 4 0 4 0Company assets held by third parties 3 3 9 -Guarantees in favour of third parties 4 1 , 3 4 4 1 3 0 , 4 2 9Third-party guarantees in favour of the Company 1 7 , 9 6 4 5 6 , 8 5 4C o m m i t m e n t s 8 5 , 7 9 1 7 , 5 2 9

T O TAL MEMORANDUM ACCOUNTS 1 4 5 , 4 7 8 1 9 4 , 8 5 2


7) APPENDICES:b) RECLASSIFIED INCOME STAT E M E N T

Quarter to Quarter to30 September 2000 30 September 2001

( u n a u d i t e d ) ( u n a u d i t e d )

O p e r a t i o n s P l a y e r To t a l % O p e r a t i o n s G e s t i o n e To t a l %excl. player a m o r t . excl. player c a l c i a t o r iamort. and a n d amort. and a n d

t r a d i n g t r a d i n g t r a d i n g t r a d i n g

Gate receipts 1 , 8 8 8 - 1 , 8 8 8 9 . 1 3 , 2 2 3 - 3 , 2 2 3 9 . 0Radio, TV, telephony income andU E FA Champions League revenue 5 , 6 3 0 - 5 , 6 3 0 2 7 . 1 1 7 , 7 1 1 - 1 7 , 7 1 1 4 9 . 6Sponsorship and commercialr e v e n u e 1 1 , 8 6 4 - 1 1 , 8 6 4 5 7 . 1 1 0 , 0 4 5 - 1 0 , 0 4 5 2 8 . 1Other income 1 , 1 3 7 2 4 4 1 , 3 8 1 6 . 7 4 , 6 9 1 6 9 4 , 7 6 0 1 3 . 3

T O TAL INCOME 2 0 , 5 1 9 2 4 4 2 0 , 7 6 3 1 0 0 3 5 , 6 7 0 6 9 3 5 , 7 3 9 1 0 0P u r c h a s e s ( 4 9 2 ) - ( 4 9 2 ) ( 2 . 4 ) ( 4 2 2 ) - ( 4 2 2 ) ( 1 . 2 )Service expenses ( 5 , 3 5 7 ) - ( 5 , 3 5 7 ) ( 2 5 . 8 ) ( 7 , 2 5 8 ) - ( 7 , 2 5 8 ) ( 2 0 . 3 )Lease and rentc o s t s ( 5 2 6 ) - ( 5 2 6 ) ( 2 . 5 ) ( 7 5 7 ) ( 5 1 ) ( 8 0 8 ) ( 2 . 3 )Personnel costs ( 2 2 , 3 9 6 ) - ( 2 2 , 3 9 6 ) ( 1 0 7 . 9 ) ( 3 0 , 5 9 3 ) - ( 3 0 , 5 9 3 ) ( 8 5 . 6 )Other operating expenses ( 6 9 8 ) - ( 6 9 8 ) ( 3 . 3 ) ( 3 , 1 1 5 ) - ( 3 , 1 1 5 ) ( 8 . 7 )

T O TAL OPERATING EXPENSES ( 2 9 , 4 6 9 ) - ( 2 9 , 4 6 9 ) ( 1 4 1 . 9 ) ( 4 2 , 1 4 5 ) ( 5 1 ) ( 4 2 , 1 9 6 ) ( 1 1 8 . 1 )

GROSS OPERATING MARGIN ( 8 , 9 5 0 ) 2 4 4 ( 8 , 7 0 6 ) ( 4 1 . 9 ) ( 6 , 4 7 5 ) 1 8 ( 6 , 4 5 7 ) ( 1 8 . 1 )A m o r t i s a t i o n ( 1 3 4 ) ( 9 , 6 4 3 ) ( 9 , 7 7 7 ) ( 4 7 . 1 ) ( 2 2 6 ) ( 1 7 , 1 7 1 ) ( 1 7 , 3 9 7 ) ( 4 8 . 7 )Write-downs and accrualsfor risks ( 1 , 4 3 5 ) - ( 1 , 4 3 5 ) ( 6 . 9 ) ( 5 , 5 8 6 ) - ( 5 , 5 8 6 ) ( 1 5 . 6 )Net financial income/(charges) 9 9 4 7 , 9 1 4 8 , 9 0 8 4 2 . 9 4 6 8 ( 2 , 1 5 4 ) ( 1 , 6 8 6 ) ( 4 . 7 )Adjustment to financial assets - - - - ( 3 3 8 ) - ( 3 3 8 ) ( 1 . 0 )Income/(Losses) fromthe disposal of players’registration rights - 1 7 , 6 4 7 1 7 , 6 4 7 8 4 . 9 - 1 2 3 , 8 6 3 1 2 3 , 8 6 3 3 4 6 . 6

O R D I N A RY PROFIT ( 9 , 5 2 5 ) 1 6 , 1 6 2 6 , 6 3 7 3 1 . 9 ( 1 2 , 1 5 7 ) 1 0 4 , 5 5 6 9 2 , 3 9 9 2 5 8 . 5Net extraordinary income/(expenses) 1 4 - 1 4 0 . 1 3 2 1 - 3 2 1 0 . 9

PROFIT BEFORE TA X E S ( 9 , 5 1 1 ) 1 6 , 1 6 2 6 , 6 5 1 3 2 . 0 ( 1 1 , 8 3 6 ) 1 0 4 , 5 5 6 9 2 , 7 2 0 2 5 9 . 4Ta x e s ( 2 , 2 4 5 ) ( 1 0 . 8 ) ( 3 5 , 8 9 4 ) ( 1 0 0 . 4 )

NET INCOME 4 , 4 0 6 2 1 . 2 5 6 , 8 2 6 1 5 9 . 0


Graphic design and editorial co-ord i n a t i o nBeatrice Coda Negozio

Ph o t o g r a p h yL a P re s s e

English ve r s i o nDavid Henderson

Printed byB e rtello Grafica S.r. l .

november 2001

i n f o rm a t i o n :Juventus Football Club S.p.A.Corso Galileo Ferraris n. 32 - 10128 Tu r i ntelephone +39 011 65 63.1fax +39 011 511 92 14

i n v e s t o r. re l a t i o n s @ j u v e n t u s . c o m

www.juventus.com

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Qu a r terly Re p o r t - juventus.com · The number of Company shares rose from 20,800,358 to 104,001,790. The planned listing will consist in a Global Offering divided into a Public